Usually, if you’re near the end of a loan, it’s not worth refinancing unless the interest rate difference is huge or you absolutely need to cut payments. This is because most of the interest on a loan is paid earlier in the term, and near the end, you’re mostly paying principal. Refinancing in the final stretch might not save much and could incur new fees. That said, if your monthly payments are extremely high and hurting your operations, extending the loan could give relief – just weigh the cost. In many cases, if there’s just a small balance left, it might be better to hustle and pay it off rather than go through a refinance. On the flip side, if that “year left” loan is a short-term loan at an exorbitant rate (like an MCA), and you can refi into a normal loan, it might still be beneficial even at the tail end. It really depends on the specifics; run the numbers or talk to a financial advisor.